The U.S. Treasury’s Financial Literacy and Education Commission (FLEC) will form a new subgroup on digital asset financial education.
This subgroup will work to develop consumer-friendly, trustworthy, and consistent educational materials to help consumers make informed choices about digital assets.
“History has shown that, without adequate safeguards, forms of private money have the potential to pose risks to consumers and the financial system,” U.S. Under Secretary of the Treasury for Domestic Finance Nellie Liang said. “The Treasury Department will continue to emphasize consumer and investor protection and education as we work to promote responsible innovation in the digital assets space. We’re grateful for the FLEC member agencies who have already started collaborating on this topic and look forward to engaging with them throughout this process.”
Financial education on digital assets will empower Americans to take actions that contribute to their financial well-being. The subgroup will operate alongside the FLEC’s current workstream, analyzing the impact of climate change on household and community financial resilience.
FLEC makes recommendations for policy, education, practice, research, and coordination so that all Americans can make more informed financial decisions. The commission is chaired by the Secretary of the Treasury, and its vice chair is the Director of the Consumer Financial Protection Bureau.
Further, it consists of the heads of 21 additional federal agencies and entities, including the Office of the Comptroller of the Currency; Federal Reserve; the Federal Deposit Insurance Corporation; Federal Emergency Management Agency; National Credit Union Administration; Securities and Exchange Commission; Departments of Education, Agriculture, Defense, Health and Human Services, Housing and Urban Development, Interior, Labor, and Veterans Affairs; Federal Trade Commission; General Services Administration; Small Business Administration; Social Security Administration; Commodity Futures Trading Commission; Office of Personnel Management; and the White House Domestic Policy Council.